<PAGE>
FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from to
---------- ----------
Commission file number 0-15415
GLOBAL CASINOS, INC.
--------------------
(Exact Name of Registrant as Specified in its Charter)
Utah 87-0340206
- ------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4465 Northpark Drive, Suite 400 Colorado Springs, Colorado 80907
----------------------------------------------------------------------
(Address of Principal Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 756-3777
N/A
- ---------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the last 12 months (or for such shorter
period that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes [X] No []
As of October 1997, 1,460,811 shares of Common Stock of the Registrant were
outstanding.
Transitional Small Business Disclosure Format (check one) Yes [] No [X]
<PAGE>
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INDEX
PART 1. FINANCIAL INFORMATION:
Item 1. Financial Statements
Balance Sheet at September 30, 1997 (unaudited) and
June 30, 1997
Statement of Operations for the Three Months Ended
September 30, 1997 (unaudited) and September 30, 1996
(unaudited)
Statement of Cash Flows for the Three Months Ended
September 30, 1997 (unaudited) and September 30, 1996
(unaudited)
Notes to Unaudited Financial Statements
Item 2. Management's Discussion and Analysis
PART II. OTHER INFORMATION: AMENDED AND RESTATED
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- ------------------------------
The accompanying Balance Sheet at September 30, 1997, Statement of
Operations for the Three Months Ended September 30, 1997 and September 30,
1996, and Statement of Cash Flows for the Three Months Ended September 30,
1997 and September 30, 1996 are unaudited but reflect all adjustments which
are, in the opinion of management, necessary to a fair statement of the
financial position and results of operations for the interim period presented.
<PAGE>
<PAGE>
<TABLE>
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
<CAPTION>
September 30, June 30,
1997 1997
(unaudited)
------------- -------------
<S> <C> <C>
ASSETS
Current assets:
Cash $ 1,103,296 $ 1,048,371
Receivables, related parties 10,859 11,199
Accounts receivable, net of
allowance for doubtful accounts
of $5,359 at September 30, 1997
and $4,800 at June 30, 1997 286,638 62,710
Inventory 273,318 -
Prepaid expenses and other 152,434 138,792
Current portion of notes receivable 58,242 57,645
------------ -------------
Total current assets 1,884,787 1,318,717
Land, buildings and equipment:
Land 531,715 531,715
Buildings 3,913,510 3,913,510
Equipment 2,854,022 2,539,837
------------ -------------
7,299,247 6,985,062
Accumulated depreciation (1,752,382) (1,615,751)
------------ -------------
Net land, buildings and equipment 5,546,865 5,369,311
Other assets, net of amortization of
$44,906 at September 30, 1997 and
$42,746 at June 30, 1997 71,251 60,486
Leasehold, contract rights, and goodwill
net of amortization of $1,207,229 at
September 30, 1997 and $1,077,424 at
June 30, 1997 5,784,785 2,050,976
Notes receivable, net of current portion,
including receivables in default 354,475 369,059
------------ -------------
Total assets $13,642,163 $ 9,168,549
============ =============
</TABLE>
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<PAGE>
<TABLE>
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Continued)
<CAPTION>
September 30, June 30,
1997 1997
(unaudited)
------------- -------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, includes related
party payables of $12,143 at
September 30, 1997 and $31,421
at June 30, 1997 $ 414,670 $ 318,199
Accrued expenses 1,156,725 958,880
Accrued interest 241,778 154,995
Current portion of long-term debt
including debt in default (includes
$65,000 at September 30, 1997 and
June 30, 1997 to related parties) 983,080 557,450
Mandatory redeemable convertible
Class A preferred stock, in default 48,500 53,500
------------ -------------
Total current liabilities 2,844,753 2,043,024
Deferred Rent 18,546 -
Long-term debt, less current portion
(includes $187,000 to related parties at
September 30, 1997 and June 30, 1997) 7,828,157 4,052,900
------------ -------------
Total liabilities 10,691,456 6,095,924
------------ -------------
Minority interest 57,880 36,367
------------ -------------
Commitments and Contingencies
Stockholders' equity:
Class A preferred stock - Convertible
nonvoting, $2 par value:
Authorized - 10,000,000 shares
Issued and outstanding - 147,750
shares at September 30, 1997 and
147,750 shares at June 30, 1997 268,538 268,538
Common stock - $.005 par value:
Authorized - 50,000,000 shares
Issued and outstanding - 1,460,811
shares at September 30, 1997 and
1,400,811 shares at June 30, 1997 7,303 7,004
Additional paid-in capital 9,172,748 8,969,045
Subscription note receivable (195,000) -
Accumulated deficit (6,360,762) (6,208,329)
------------ -------------
Total stockholders' equity 2,892,827 3,036,258
------------ -------------
Total liabilities and stockholders'
equity $13,642,163 $ 9,168,549
============ =============
SEE ACCOMPANYING NOTES.
</TABLE>
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<TABLE>
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>
Three Months Ended September 30,
--------------------------------
1996 1997
(unaudited) (unaudited)
-------------- --------------
<S> <C> <C>
Revenues:
Bingo Operations $ - $ 546,523
Casino 1,707,811 2,031,543
Food and beverage 89,201 39,243
Other 28,328 72,187
------------- -------------
1,825,340 2,689,496
Expenses:
Cost goods sold 343,760
------------- -------------
Operating, general and administrative 1,788,836 2,213,785
Depreciation 116,966 135,542
------------- -------------
Loss from operations (172,037) (135,556)
------------- -------------
Other income (expense):
Interest income 6,598 7,822
Interest expense (93,899) (166,020)
------------- -------------
(87,301) (158,198)
Loss before reorganization items
and minority interest (259,338) (293,754)
------------- -------------
Reorganization items:
Interest earned on accumulated cash
resulting from Chapter 11 proceedings 2,936 -
Professional fees (6,200) -
------------- -------------
(3,264) -
Loss before minority interest
and extraordinary item (262,602) (293,754)
Extraordinary item:
Gain from restructuring - 190,930
Minority interest in income of subsidiary (54,873) (49,609)
------------- -------------
Net loss $ (317,475) $ (152,433)
============= =============
Net loss per share $ (0.24) $ (0.10)
============= =============
Weighted average number
of shares outstanding 1,298,648 1,460,811
============= =============
SEE ACCOMPANYING NOTES.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
Three Months Ended September 30,
--------------------------------
1996 1997
(unaudited) (unaudited)
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in)
operating activities $ 163,863 $ 392,390
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Other assets (32,012) (12,925)
Purchase of equipment (46,933) (314,185)
Purchase of Alaska Bingo Supply, Inc.,
net of cash acquired - (383,090)
Proceeds from sale of equipment 1,999 -
Collections on notes receivable 13,109 13,987
Distribution to minority interest (30,545) (28,096)
------------- -------------
Net cash used in investing
activities (94,382) (724,309)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes (6,970) (33,813)
Borrowing against notes payable 170,000 425,657
Redemption of mandatory preferred
stock - (5,000)
------------- -------------
Net cash provided by financing activities 163,030 386,844
------------- -------------
Net increase (decrease) in cash 232,511 54,925
Cash at beginning of period 887,374 1,048,371
------------- -------------
Cash at end of period $ 1,119,885 $ 1,103,296
============= ============
Supplemental cash flow information:
Cash paid for interest $ 3,328 $ 71,415
============= ============
Supplemental disclosure of non-cash
investing and financing activities:
Debt converted to common stock: $ 112,279
-------------
Note receivable issued for common stock $ 195,000
-------------
Acquisition of Alaska Bingo Supply, Inc.:
Fair value of assets acquired $ 620,587
Liabilities assumed (101,111)
Intangibles 3,863,614
Fair value of assets exchanged (4,000,000)
-------------
Cash paid, net of cash acquired $ 383,090
=============
SEE ACCOMPANYING NOTES.
</TABLE>
<PAGE>
<PAGE>
GLOBAL CASINOS, INC. & SUBSIDIARIES
Notes to the Consolidated Financial Statements
September 30, 1997
(unaudited)
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- ----------------------------------------------------------------
ORGANIZATION AND CONSOLIDATION
------------------------------
Global Casinos, Inc. (the "Company"), a Utah corporation, develops and
operates gaming casinos domestically and internationally. At September 30,
1997, the consolidated financial statements of the Company include the
accounts of the following wholly-owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.
BPJ HOLDINGS N.V. ("BPJ"), a Curacao Limited Liability Company, which
operates the Casino Masquerade on the Caribbean resort island of Aruba.
GLOBAL PELICAN N.V. ("Pelican"), a St. Maarten Limited Liability Company
which began operating the Pelican Casino located on the island of St.
Maarten in the Netherland Antilles on August 1, 1996. Global Pelican
operates the casino under a Management and Operating Lease Agreement.
GLOBAL ALASKA CORPORATION ("Global Alaska"), an Anchorage corporation,
which operates Alaska Bingo Supply, Inc. ("ABS") located in Anchorage,
Alaska. The Company acquired ABS on August 1, 1997 (see Note 3).
CASINOS USA, INC. ("Casinos USA"), a Colorado corporation, which owns and
operates the Bull Durham Saloon and Casino ("Bull Durham"), located in
the limited stakes gaming district in Black Hawk, Colorado.
GLOBAL CASINOS INTERNATIONAL, INC. ("Global International"), a Delaware
corporation, which through July 15, 1995 owned an 80% interest in an
International Joint Venture ("IJV") which held certain rights to develop
and operate gaming casinos in several international locations. Through
the IJV, the Company opened Casino Lazurnaya in Sochi, Russia and Casino
Las Vegas in Bishkek, Kyrgyzstan. Effective July 15, 1995, the Company
exchanged its interest in Global International and Casino Lazurnaya for
an additional interest in BPJ and the Casino Las Vegas. Through this
transaction, the Company now owns 100% of BPJ and a 61% profits interest
in the Casino Las Vegas.
WOODBINE CORPORATION ("Woodbine"), a South Dakota corporation, which
operated Lillie's Casino ("Lillie's") in Deadwood, South Dakota through
June 30, 1995. Beginning in July 1996, Woodbine began leasing this
property and related equipment to a third party.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B. Accordingly, they do not include all the
information and footnotes required by generally accepted accounting principles
for complete financial statements. There has not been any significant change
in the Company's significant accounting policies nor has there been any
significant development in contingent liabilities and commitments.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. The results for these interim periods are not necessarily
indicative of the results for the entire year. These statements should be
read in conjunction with the financial statements and footnotes thereto
included in the Form 10-KSB for the fiscal year ended June 30, 1997 and Form
8-K.
RECLASSIFICATIONS
-----------------
Certain amounts reported in the 1996 interim financial statements have
been reclassified to conform to classifications in the 1997 interim financial
statements.
2. STOCKHOLDERS' EQUITY
- -------------------------
MANDATORY REDEEMABLE PREFERRED STOCK
------------------------------------
At September 30, 1997, 24,250 shares of Series A Preferred Stock are
outstanding. The Series A Convertible Preferred Stock had a mandatory
redemption date of May 31, 1995, and the Company is currently in default. The
Series A Preferred Stock has a redemption price of $2.00 per share, subject to
adjustment for certain events such as splits and dividends. Holders of the
Series A Preferred Stock have the option to convert each share of the
preferred stock into one-tenth (1/10) of one share of the Company's Common
Stock.
3. ACQUISITION
- ----------------
On August 1, 1997, the Company, through Global Alaska, acquired all the
outstanding shares of stock of Alaska Bingo Supply, Inc. in a transaction
accounted for as a purchase, and, accordingly, the results of operations have
been included in the Company's consolidated financial statements from the date
of purchase. Consideration for the purchase consisted of a cash down payment
of $400,000 and a $4,000,000 8% installment note payable. The funds for the
down payment were derived from a private placement of short term notes
totaling $425,000, of which $75,000 was from an affiliate. The unaudited
results of operations on a proforma basis as though ABS had been acquired as
of July 1, 1996 and 1997 are as follows:
<TABLE>
<CAPTION>
As of July 1,
1996 1997
---------- ----------
<S> <C> <C> <C>
Revenues $2,573,000 $2,920,000
Net loss (361,000) (127,000)
Net loss per share (0.28) (0.09)
</TABLE>
<PAGE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
---------------------------------------------------------
The following discussion and analysis should be read in conjunction with
the Financial Statements and Notes thereto appearing elsewhere in this
document.
LIQUIDITY AND CAPITAL RESOURCES - SEPTEMBER 30, 1997 COMPARED TO JUNE 30, 1997
- -------------------------------------------------------------------------
The Company is organized as a holding company for several entities
holding gaming-related properties. Management is currently in the process of
renegotiating its current debts in order to extend the maturities. Also, the
Company continually investigates opportunities to undertake further financing.
The Company's balance sheet reflects an increase in current assets and
total assets, and an impairment in working capital. Specifically, current
assets increased from $1,318,717 at June 30, 1997, to $1,884,787 at September
30, 1997, an increase of $566,070 or 42.9%. At September 30, 1997, the
Company showed increases in cash of $54,925, or 5.2%, net accounts receivable
and current portion of note receivable of $224,185, prepaid expenses and other
of $13,642, and increased in inventory of $273,318, the majority of the
increase in current assets is due to the Alaska Bingo Operations.
At September 30, 1997, the Company's investment in property, plant and
equipment increased by $314,185, or 4.5 %. Other assets increased by $10,765
or 17.8%. Leasehold contract rights, and goodwill increased by $3,863,614 due
to the acquisition of Alaska Bingo Supply, Inc. These assets were reduced by
$129,805 of amortization for the period.
Current liabilities increased 39.2% from $2,043,024 at June 30, 1997, to
$2,844,753 at September 30, 1997. This is comprised of increases in accrued
expenses of $197,845, accrued interest of $86,783. Current portion of long
term debt of $425,657. The majority of these increases are associated with the
acquisition of Alaska Bingo Supply, Inc. These increases are offset by a
reduction in accounts payable of $96,471 and mandatory redeemable preferred
stock of $5,000.
As a result of the foregoing increases in current assets and in current
liabilities, the Company's working capital deficit increased from $(724,307)
on June 30, 1997, to $(959,966) on September 30, 1997, or a 32.5 % increase.
The current ratio decreased from (.65) to (.66). The Company continues to
face a severe shortage of working capital, and there can be no assurance that
the Company will be able to raise the capital or show the improvements in
operations that would be necessary to overcome the deficit.
Debt increased from $4,052,900 at June 30, 1997 to $7,828,157 at
September 30, 1997 an increase of $3,775,257. This is a result of the
purchase of Alaska Bingo Supply, Inc.
During this period, the Company reported a net loss of $(152,433). In
addition, the Company received a note receivable (secured by assets other than
securities issued) in the amount of $195,000, which is recorded as a
subscription receivable. As a result of the foregoing, stockholders' equity
decreased from $3,036,258 on June 30, 1997, to $2,892,827 on September 30,
1997, a decrease of .5%.
Net cash used by investing activities for the three (3) months ended
September 30, 1997 was $(4,204,833). This compares with net cash used by
investing activities of $(94,382) for the three (3) months ended September 30,
1996. For the three (3) months ended September 30, 1997, the Company used
$(314,185) for the purchase of equipment and $12,925 for additions to other
assets, and (3,683,614) for additions to leasehold, contract rights and
goodwill. In addition, the Company distributed $28,046 for minority interest.
This compares to $46,933 for the purchase of equipment, $32,012 for
acquisition of other assets, and $30,546 in distribution to minority interest
for the three months ended September 30, 1996. Offset against this, the
Company received $13,987 of principal payments on its notes receivable for the
three (3) months ended September 30, 1997. This compares with principal
payments on its notes receivable of $13,109 and proceeds from sale of
equipment of $1,999 for the three (3) months ended September 30, 1996.
Net cash provided by financing activities for the three (3) months ended
September 30, 1997 was $4,386,844. This compares with net cash provided by
financing activities of $163,030 for the three (3) months ended September 30,
1996. Specifically, cash provided by financing activities for the three (3)
months ended September 30, 1997 was comprised of borrowing against notes of
$4,425,657 (all for the Alaska Bingo Supply, Inc. purchase. Offset against
the cash provided by financing activities were promissory note principal
reduction payments in the amount of $33,813 and a $5,000 payment for the
mandatory redeemable projected stock. This compares to proceeds from
borrowing of $170,000 for the three (3) months ended September 30, 1996 and
was offset by debt payments of $6,970.
Neither the Company nor any of its subsidiaries have any commercial bank
credit facilities.
PRIVATE SECURITIES LITIGATION REFORM ACT
- ----------------------------------------
Certain statements in this Quarterly Report on Form 10-QSB which are not
historical facts are forward looking statements, such as statements relating
to future operating results, existing and expected competition, financing and
refinancing sources and availability and plans for future development or
expansion activities and capital expenditures. Such forward looking
statements involve a number of risks and uncertainties that my significantly
affect the Company's liquidity and results in the future and, accordingly,
actual results may differ materially from those expressed in any forward
looking statements. Such risks and uncertainties include, but are not limited
to, those related to effects of conditions, changes in gaming laws or
regulations (including the legalization of gaming in various jurisdictions)
and risks related to development and construction activities.
RESULTS OF OPERATIONS - THREE (3) MONTHS ENDED SEPTEMBER 30, 1997
COMPARED TO THE THREE (3) MONTHS ENDED SEPTEMBER 30, 1996
- -----------------------------------------------------------------
For the three months ended September 30, 1996, the Company's income
consisted of revenues generated by Bull Durham, Casino Las Vegas and Casino
Masquerade and the Company began operation of the Pelican Casino in St.
Maarten on August 1, 1996. For the three months ended September 30, 1997 the
income consisted of revenues generated by Bull Durham, Casino Las Vegas,
Casino Masquerade and Alaska Bingo Supply, Inc. beginning August 1, 1997.
Net revenues for the three (3) months ended September 30, 1997 were
$2,689,496, based on casino revenues of $2,031,543, revenues from the sale of
food of $39,243, other income of $72,187 and combined Bingo revenues of
$546,523. Net revenues for the three (3) months ended September 30, 1996 were
$1,825,340 comprised of casino revenues of $1,707,811, food and beverage of
$89,201, and other revenues of $28,328.
The foregoing changes in operations also resulted in an increase in
operating, general and administrative expenses which increased to $2,327,462
for the three (3) months ended September 30, 1997 from $1,788,836 for the
three (3) months ended September 30, 1996, an increase of 30.6% which is
primarily attributable to Alaska Bingo Supply's added general and
administrative expenses. Depreciation increased 15.8% and amortization
increased 44.1% over the same period, again, primarily attributable to the
acquisition of Alaska Bingo Supply, Inc.
Total operating expenses increased to $2,594,969 for the three (3) months
ended September 30, 1997, from $1,997,377 for the three months ended September
30, 1996, an increase of 29.9%.
As a result of the increase in net revenues, and an increase in operating
expenses, losses from operations decreased 21.2% from a loss of $(172,037) for
the three (3) months ended September 30, 1996, to a loss of $(135,556) for the
three (3) months ended September 30, 1997. Interest income increased 18.5%
while interest expense increased 76.8% over the same period due to the
acquisition of Alaska Bingo Supply, Inc. Losses before reorganization items
and minority interest increased 13.2% to a loss of $(293,754) for the three
(3) months ended September 30, 1997, from a loss of $(259,338) for the three
(3) months ended September 30, 1996.
For the three (3) months ended June 30, 1996, the Company had net
expenses from reorganization of $(3,264). Due to a decrease in the operating
results of the Casino Las Vegas, the Company reported minority interest
expense of $(54,873) for the three (3) months ended September 30, 1996,
compared to a minority interest expense of $(49,609) for the three (3) months
ended September 30, 1997. In addition, for the three months ended September
30, 1997, the Company reported a gain from debt restructuring of $190,930.
As a result of the foregoing, the Company reported a net loss for the
three (3) months ended September 30, 1996 of ($317,475), a decrease of 51.9%
compared to the loss for the three (3) months ended September 30, 1997 of
$(152,433), which translates into a net loss per share of $(0.24) based on
1,298,648 weighted average shares outstanding for the three (3) months ended
September 30, 1996 and a net loss per share of $(0.11), based on 1,400,811
weighted average shares outstanding for the three (3) months ended June 30,
1997.
Other than the foregoing, management knows of no trends, or other
demands, commitments, events or uncertainties that will result in, or that are
reasonably likely to result in, a material impact on the income and expenses
of the Company.
LEGAL PROCEEDINGS
- -----------------
The Company is currently involved in the following pending legal
proceedings.
SECURITIES AND EXCHANGE COMMISSION INVESTIGATION.
- ------------------------------------------------
During 1995 and through 1997, the Company and certain officers and
directors of the Company received requests for information from the U.S.
Securities and Exchange Commission ("SEC") related to an investigation begun
by the SEC during 1994 into various matters, including certain transactions in
securities by the Company and one of its officers and directors. On January
13, 1997, The Company was notified that the SEC staff intended to recommend
initiation of administrative procedures for a Cease and Desist Order against
the Company and two of its former officers and directors with violations of
certain provisions of federal securities laws. The Company has engaged in
negotiations with the SEC staff concerning possible disposition of this
matter. Based upon the content of these discussions, management believes that
the outcome of this matter will not have a material adverse effect on the
business of the Company, however there can be no assurance that such will be
the case.
<PAGE>
<PAGE>
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the
three months ended September 30, 1997.
ITEM 4. OTHER INFORMATION
None
ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits
--------
Exhibit 27 Financial Data Schedule
Reports on Form 8-K
-------------------
Current Report on Form 8-K dated August 1, 1997
Item 2. Acquisition
Item 5. Other Events
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
Amendment No. 1 to Current Report on Form 8-K/A-1 dated
August 1, 1997
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
GLOBAL CASINOS, INC.
Date: November 15, 1997 By: /s/ Stephen G. Calandrella
------------------ ---------------------------------
Stephen G. Calandrella, President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND STATEMENTS OF OPERATIONS FOUND ON PAGES 4
THROUGH 6 OF THE COMPANY'S FORM 10-QSB FOR THE NINE MONTHS ENDED SEPTEMBER 30,
1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,103,296
<SECURITIES> 0
<RECEIVABLES> 355,739
<ALLOWANCES> 5,539
<INVENTORY> 273,318
<CURRENT-ASSETS> 1,884,787
<PP&E> 7,299,247
<DEPRECIATION> 1,752,382
<TOTAL-ASSETS> 13,642,163
<CURRENT-LIABILITIES> 2,844,753
<BONDS> 7,828,157
48,500
268,538
<COMMON> 0
<OTHER-SE> 2,892,827
<TOTAL-LIABILITY-AND-EQUITY> 13,642,163
<SALES> 428,523
<TOTAL-REVENUES> 2,689,496
<CGS> 230,083
<TOTAL-COSTS> 2,594,969
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 166,020
<INCOME-PRETAX> (293,754)
<INCOME-TAX> 0
<INCOME-CONTINUING> (293,754)
<DISCONTINUED> 0
<EXTRAORDINARY> 190,930
<CHANGES> 0
<NET-INCOME> (152,433)
<EPS-PRIMARY> (.10)
<EPS-DILUTED> (.10)
</TABLE>
